Australian Expatriate Superannuation Fund (AESF)

The Australian Expatriate Superannuation Fund (AESF) opened to facilitate and accept foreign pension transfers into Australian Superannuation and also to promote Australian Superannuation to expatriates abroad.

We are specialists in UK Pension transfers, and pioneers in facilitating Australia’s first retail superannuation fund back on the HMRC QROPS List* post the Pension Schemes Act 2015.

AESF is a RETAIL superannuation product designed to help you accumulate and grow your super savings in a tax-effective way as you progress through your working life towards retirement.

As you approach retirement and look for the security of a regular income, AESF also offer a pension income stream.

Australia has tax treaties in place with over 40 countries. This makes it an extremely attractive jurisdiction to base your pension fund as your regular pension in retirement can usually be received free of any Australian income tax. So retire in France – or Bali – or Thailand and leave your money safely invested in the strongly regulated Australian Superannuation environment.

When you invest in either the AESF superannuation or pension options you become a member of the Plan.

The Plan is managed by Tidswell Financial Services Ltd, an approved Trustee regulated by the Australian Prudential Regulation Authority (APRA) – RSE License Number L0000888 and AFSL License Number 237628.

A Qualifying Recognised Overseas Pension Scheme (QROPS) is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive the transfer of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge. The QROPS program was launched on 6 April 2006 as a part of new legislation with the objective of simplifying pensions.

Much like a Self-Invested Personal Pension (SIPP) in the UK; QROPS is one of the most flexible pension plans around. It gives the member complete control over how to invest and take benefits while at the same time being very cost effective. QROPS are intended for use by individuals who permanently leave the UK in order to retire. Many of the benefits of QROPS only apply to those who have completed ten consecutive tax years outside of the UK and who will retire and remain offshore.

A SIPP is a UK registered pension scheme whereas a QROPS is an overseas pension scheme which meets certain criteria set out by HMRC. QROPS can be an extremely useful retirement planning tool for those who completed ten full consecutive tax years outside of the UK and intend to retire and remain offshore. Often a SIPP can offer many of the same benefits but the product is not tailored to overseas members in the same way that QROPS are.

You are eligible to contribute to the Australian Expatriate Superannuation Fund regardless of where in the world you live should you wish to transfer benefits from a UK registered pension scheme, provided you have an Australian Tax File number and your contribution or transfer is within the Australian contribution limits

If you are not resident in Australia on the date your UK Pension Benefit is transferred, the transfer may be subject to the Overseas Transfer Charge (25%).

Australian superannuation law is complex. Please consult your financial adviser or contact us for further information.

People who are not Australia nationals are still eligible to contribute to the Australian Expatriate Superannuation Fund, you just need to have an Australian Tax File number and stay within the Australian contribution limits.

Australian Tax File numbers can be applied for by anyone wishing to contribute to Australian superannuation.

People with small pension pots can still contribute, however, we strongly recommend members consider the appropriateness of the QROPS, any potential taxation, associated charges and investment criteria before applying.

The IVCM Australian QROPS – the Australian Expatriate Superannuation Fund – can be used for retirement savings for anyone with an Australian Tax File number – but it is most suited to those people who will be retiring in Australia.

The process of applying for the Australian Expatriate Superannuation Fund is easy and simply requires that you complete and return the Application Form with the appropriate identification and proof of address.

You must read the Product Disclosure Statement prior to applying so you understand all about the benefits and services AESF offers you.

Before making any investment decision you should consider, with or without the assistance of a qualified adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances.

We can accept applications direct from consumers, but AESF is only able to provide clients with general product information.

You should always seek advice from a licensed Financial advisor, who will consider your personal financial circumstances.

Yes, if you are over age 55 and still eligible to contribute to Australian superannuation. We strongly recommend that you seek financial advice regarding your eligibility to contribute to Australian superannuation. Transferring a pension scheme is a major financial decision so careful consideration needs to be given to the appropriateness of the QROPS, any potential taxation and associated charges.

Yes, in most cases if you are over age 55, however we strongly recommend that you seek financial advice. Transferring a pension scheme is a major financial decision and we strongly recommend that careful consideration is given to the appropriateness of the QROPS, any potential taxation and associated charges.

Contributions to Australian superannuation cannot be transferred to another country unless you were never an Australian citizen or permanent resident. Circumstances in which you can transfer your pension fund are limited prior to age 60. Once you are over age 60 you can withdraw your pension in full free of any Australian tax.

If you return to the UK you can continue to draw a pension from the Australian Expatriate Superannuation Fund. Wherever member circumstances change, we strongly recommend reviewing the appropriateness of the QROPS, any potential taxation and associated charges.

Any change in relation to your personal circumstances and country of residence would require you to update IVCM in writing immediately.

Yes, you must decide and advise where to invest your money when you join. Initially you can invest in one of the three cash funds available to you. This will allow you consider the most appropriate investment options from the menu offered by the Australian Expatriate Superannuation Fund.

No, the Australian Expatriate Superannuation Fund is a member directed pension scheme and therefore all investment decisions are the responsibility of the member and their financial adviser. Neither IVCM nor any of its affiliates give advice relating to the suitability of investments and cannot be held liable for any losses as a result of investments held within the Australian Expatriate Superannuation Fund.

Most income payments made from the Australian Expatriate Superannuation Fund after age 60 will be paid tax free. Income paid prior to age 60 may be subject to taxation. You may also be subject to tax in your country of residence and it is the responsibility of every member of the Australian Expatriate Superannuation Fund who is receiving income to seek professional tax advice as to whether there is a further liability.

There may be Australian taxation consequences if you choose a beneficiary who is not your spouse and/or your child who is under 18 and/or was financially dependent on you as at the date of death or your estate.

You can update your beneficiary details as often as you wish by sending us a completed Beneficiary Nomination form. Please note, the most recently received nomination of beneficiaries form will be deemed to be the only valid expression of wish. Any others pre-dating that will not be considered valid.

The custodian of the Australian Expatriate Superannuation Fund is Australian Executor Trustees (AET) who are one of Australia’s largest and most experienced non‑government providers of professional trustee services, with around $30 billion in funds under supervision.* For more than 130 years, they have been helping Australians build, manage, protect and transfer their wealth to give them peace of mind about their financial future. They are part of IOOF Holdings Limited (IOOF), a leading provider of wealth management products and services in Australia, who have been creating financial independence for clients since 1846. Listed in the top 100 on the Australian Securities Exchange (ASX:IFL), IOOF provides services to more than 500,000 clients Australia-wide and is one of the largest non-bank-aligned groups in the financial services industry. IOOF manages more than $143 billion on behalf of its clients.*

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